Which industry will be most disrupted by AI?
BFSI — Banking, Financial Services, and Insurance.
The current BFSI industry is heavily human-driven. For even the most simple tasks, they deploy humans. As an example, answering customer service queries, data entry, forex and remittance processes, hiring and recruiting, claims processing, underwriting, etc. All of these processes are entirely human-driven. At the very most, enterprises have some backend systems to track and store the data. But, again, these systems are to be driven by humans.
This not only limits scalability but also creates an entry-point for errors. To serve more customers, companies have to hire more employees. This is not the best model.
AI and Machine Learning are completely disrupting this. Today, the banks in even developing countries like India are deploying intelligent systems to automate processes. This is the amount of impact Artificial Intelligence and Machine Learning are creating in the BFSI segment. Since the industry needs solutions, there are a lot of such startups coming up which are providing such solutions.
Here are some examples to demonstrate the same.
Customer Service
Chatbots and personal assistants can exceed our expectations when it comes to improving customer relationship management. Bank of America has introduced a virtual assistant called “Erica”. Erica gives the users suggestions regarding their financial affairs using Artificial Intelligence. Even SBI, the largest bank of India has recently introduced a chatbot called SIA (SBI Intelligence Assistant) in partnership with AllinCall Research and Solutions.
Hyper-personalization
Artificial Intelligence can analyze the past financial activities of users to give them personalized recommendations for products and services. Recommendation engine has been a key component behind the growth of many financial organizations in recent times.
Robotic Process Automation (RPA)
RPA or Robotic Process Automation is basically a virtual worker who can be trained by business users. It can be used to finish various tasks, allowing professionals to concentrate on more strategic tasks.
Anti Money Laundering
Shifting from rule-based Anti-Money Laundering algorithms to Artificial Intelligence-based algorithms can make the process much more efficient and accurate.
Artificial Intelligence is the key to our future, and it is undoubtedly one of the most in-demand skills right now. If you are interested to know more about Artificial Intelligence, have a look at the few courses Learn Artificial Intelligence Fundamentals